The Pakistan Credit Rating Agency Limited
30-Sep-26
Analyst
Esha Nisar
esha.nisar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Corporate Rating | Jul-26
Related Research
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Airlink Communication Limited - PPSTS-IX - PKR 3.0bln - Feb-26
| Issuer | Airlink Communication |
| Instrument | Short Term Sukuk |
| Amount | PKR 3000 mln |
| Issuance Date | 23-Feb-26 |
| Tenor | 0.5 Years |
| Redemption Date | 24-Aug-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (30-Sep-26 ) |
Previous (13-May-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Airlink Communication Limited issued its ninth Rated, Secured, Privately Placed, Short-Term Sukuk in February 23rd, 2026. The Sukuk carried a markup of 6MK+1.2% with a tenor of six months. The proceeds were utilized to finance the working capital requirements of the Company. The underlying instrument was secured by a ranking charge over the current assets of the Company. The Issuer maintained and efficiently managed Debt Payment Account (“DPA”) under lien of the Investment Agent whereby the payment equivalent to PKR 1,000 million was made on or before 50 days before the maturity date, and subsequently 1/3rd of the remaining amount was deposited every 15 days thereafter, such that amount equivalent to full issue amount was available in the DPA 05 days before the maturity date. Accordingly, both principal and markup were duly settled on August 24th, 2026. The redemption process has been verified through an Auditor’s Certificate along with supporting bank statement, confirming that an aggregate amount equivalent to the full issue size, along with profit, was transferred to the designated account and subsequently paid to the investors.
.
About
the Entity
Airlink is a public listed company primarily engaged in the distribution and assembly of mobile phones and allied products. Mr. Muzaffar Hayat (CEO) and the family own a majority stake in the Company.
About
the Instrument
In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Airlink Communication Limited | PPSTS-IX | PKR 3.0bln | Feb-26, which was redeemed on August 24th, 2026.